North Cyprus Mortgage

Many overseas buyers of North Cyprus property will wish to take out a mortgage. Since 2008, the availability of mortgages in the UK has dried up, but Wellington Estates Ltd are still able to offer customers mortgages for North Cyprus Property, and at attractive rates.

Due to the undeveloped nature of the North Cyprus financial markets, there are few if any local institutions who offer loans or mortgages. This means that a mortgage is normally sought from UK lenders, and these lenders will look for their main security on a Purchaser’s UK property. For many prospective Purchasers, this is not attractive as it places an element of risk on their family home in the UK.

Wellington Estates are now able to offer a Mortgage on North Cyprus Property, typically over a period of 10 or 15 years. The Mortgage is normally secured on the North Cyprus Property. We usually require a £30,000 deposit, with the balance payable by way of Mortgage.

Applying for a Mortgage is similar to the procedure in the UK. As the property is to be built by ourselves and on land we own, there is no need for us to conduct any searches on the builder or undertake structural surveys. There is a simple form which we send to customers concerning their personal circumstances. If a customer is in employment, then copies of several PAYE chits are welcome. We do not normally wish to make contact with an employer. Within 10 days after receiving the form, we will make a decision. This should enable us to send the applicant a Mortgage Offer, setting out the amount of the loan, the initial rate of interest, the period of the loan, and the monthly repayment value. This Mortgage Offer is normally valid for 3 months. Once a customer is in receipt of a Mortgage Offer, then he/she can make travel preparations to North Cyprus, secure in the knowledge that a Mortgage has been pre-approved.

As with any Mortgage or Loan, there are conditions relating to any funding advances we make to customers. A copy of our Mortgage and/or Loan Conditions is available upon request.When a property is being purchased with a mortgage and/or loan, then there is a separate agreement covering the financial arrangements in addition to the customary Contract of Sale. The Mortgage can only be registered on the title deeds after the customer has received permission to buy from the Council of Ministers. At this stage, there will be a registration fee of 1.5% of the amount of the Mortgage

To reiterate, the North Cyprus Property is our security for the advance, and we do not place a charge on a customer's UK residence.

Several examples of Mortgage repayment schedules are shown of the Mortgage Examples Page.

The following link describes the North Cyprus Conveyancing process is described

All property buyers who apply for a North Cyprus mortgage should be aware that their property is at risk if they fail to make agreed repayments.

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